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    Atidrip Modak • Goldman Sachs

    Atidrip Modak's questions to Helmerich and Payne Inc (HP) leadership

    Atidrip Modak's questions to Helmerich and Payne Inc (HP) leadership • Q3 2025

    Question

    Atidrip Modak from Goldman Sachs inquired about the expected direction for margins based on customer conversations and asked about the cadence of free cash flow, CapEx, and debt paydown into fiscal 2026.

    Answer

    SVP Michael Lennox stated that margins are expected to show resilience, supported by performance contracts, digital solutions, and cost efficiencies. CFO J. Kevin Vann confirmed the increased debt paydown target is funded by organic cash flow, with a long-term goal of reducing leverage to approximately one turn. He also noted that CapEx is expected to moderate and decline in fiscal 2026 from 2025 levels.

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    Atidrip Modak's questions to MasTec Inc (MTZ) leadership

    Atidrip Modak's questions to MasTec Inc (MTZ) leadership • Q2 2025

    Question

    Atidrip Modak of Goldman Sachs asked about capacity building in the Pipeline segment, including headcount targets and the number of large projects that can be handled simultaneously. He also inquired about the nature of verbally awarded contracts and MasTec's typical bidding share on long-haul pipelines.

    Answer

    CEO José R. Mas noted that the 4,000 headcount increase was company-wide but that pipeline was a significant part. He stated the pipeline segment is currently underutilized at $2 billion in revenue compared to its $3.5 billion peak, indicating tremendous productivity potential. He explained that project share depends on the customer, with MasTec sometimes taking entire projects or a majority share, and that the company will scale responsibly to meet demand.

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    Atidrip Modak's questions to MYR Group Inc (MYRG) leadership

    Atidrip Modak's questions to MYR Group Inc (MYRG) leadership • Q2 2025

    Question

    Atidrip Modak from Goldman Sachs asked about the company's strategy for future business footprint expansion, particularly regarding new MSAs. He also inquired about the labor requirements and potential margin impact associated with this incremental revenue.

    Answer

    President, CEO & Director Richard Swartz responded that MYR Group pursues both MSA and traditional bid work to capture opportunities across different customer preferences. He expressed confidence in managing labor needs through internal training, development, and recruitment, supplemented by disciplined, strategic tuck-in acquisitions. Mr. Swartz noted the company self-performs nearly all of its electrical work.

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    Atidrip Modak's questions to Quanta Services Inc (PWR) leadership

    Atidrip Modak's questions to Quanta Services Inc (PWR) leadership • Q2 2025

    Question

    Atidrip Modak of Goldman Sachs questioned the strategic rationale behind the acquisition of Dynamic Systems, its broader end-market exposure, and whether more M&A in this domain should be expected.

    Answer

    President & CEO Duke Austin explained the acquisition was driven by customer requests for more certainty and speed in the technology and data center markets. He highlighted Dynamic Systems' cultural fit, craft-skilled labor focus, and advanced digital solutions as complementary to Quanta's existing capabilities. Austin confirmed Quanta will continue to evaluate similar strategic acquisitions of great family businesses that add value, emphasizing the unstated synergies that will cross both utility and technology markets.

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    Atidrip Modak's questions to Expro Group Holdings NV (XPRO) leadership

    Atidrip Modak's questions to Expro Group Holdings NV (XPRO) leadership • Q2 2025

    Question

    Atidrip Modak from Goldman Sachs requested guidance on the expected EBITDA margin cadence for the remainder of the year by segment. He also asked for an update on the M&A market and whether Expro is seeing increased opportunities.

    Answer

    CEO Michael Jardon stated that while Q1 is typically the lightest quarter, Expro expects to expand margins for the full year 2025 compared to 2024. He characterized Q2's strong margin as the result of solid operational execution rather than one-off benefits. On M&A, Jardon confirmed that Expro remains very active in evaluating accretive opportunities, particularly focusing on 'dislocated assets' where the company can leverage its integration playbook to drive synergies.

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    Atidrip Modak's questions to Expro Group Holdings NV (XPRO) leadership • Q4 2024

    Question

    Ati Modak inquired about the progression of free cash flow towards the company's 10% of revenue target, the impact of the Drive25 initiative, and the firm's capital allocation priorities, including its appetite for M&A.

    Answer

    CEO Mike Jardon detailed the 'Drive25' cost-saving initiative, which targets a $25 million reduction in run-rate support costs. CFO Quinn Fanning added that free cash flow improvement will be driven by a better activity mix, cost discipline, lower CapEx, and moderating working capital. Fanning confirmed a continued appetite for M&A based on 'industrial logic,' alongside a balanced approach that includes share buybacks and CapEx investment.

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    Atidrip Modak's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Atidrip Modak's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q2 2025

    Question

    Atidrip Modak of Goldman Sachs requested more color on conversations around future gas-directed activity and its implied trajectory for 2026. He also asked about the company's exposure to private operators and the activity trends observed in that customer segment.

    Answer

    President & CEO William Hendricks confirmed that discussions for 2026 point to an increase in gas-directed activity as new LNG facilities come online, with customers already planning for rig and completion needs. Regarding customer mix, he clarified that Patterson-UTI primarily works with larger, well-established private companies, not smaller, private equity-backed firms, and that this segment has remained relatively steady.

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    Atidrip Modak's questions to Weatherford International PLC (WFRD) leadership

    Atidrip Modak's questions to Weatherford International PLC (WFRD) leadership • Q2 2025

    Question

    Atidrip Modak asked for a quantification of the impact from the recent Argentinian asset sales and inquired if other parts of the portfolio are being considered for similar optimization.

    Answer

    President and CEO Girish Saligram explained that while there are a few other, much smaller, portfolio optimizations under review, the Argentina divestiture was the most significant. He quantified its impact by stating that without it, Q2 sequential revenue and EBITDA would have both increased by approximately 5%. The sale was a strategic move to avoid future capital intensity.

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    Atidrip Modak's questions to Weatherford International PLC (WFRD) leadership • Q3 2024

    Question

    Atidrip Modak from Goldman Sachs asked about the regional focus for Managed Pressure Drilling (MPD) adoption beyond the Middle East. He also requested early thoughts on the free cash flow cadence and cash use for the upcoming year in a flattish revenue environment.

    Answer

    Executive Girish Saligram explained that the MPD push is global, with a key focus on capturing the 'performance tier' market with its Modus offering. Executive Arunava Mitra addressed cash flow, stating the company will continue to drive working capital efficiency towards its goal of 25% of revenue or better. He expects continuous improvements in working capital, lower interest costs, and moderating taxes to drive sequential cash conversion improvement over the next three years.

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